Back to glossary

Asset Management

From the AssetPad glossary.
The process of tracking, maintaining, and optimizing the use of physical assets, such as equipment, throughout their life cycle.

In the old day's, IT teams would use spreadsheets to keep track of the equipment in the store room and log which units had been loaned out to users. Most team's quickly out-grow these kinds of spreadsheets, which offer little in the way of auditing tools and integration with barcodes.

Effective asset management helps businesses minimize costs, maximize productivity, and reduce risks.

Key components of asset management

  1. Asset Tracking: Monitoring and documenting the location, status, and other relevant information about assets using tools like asset tags, barcodes, or digital asset management software.

  2. Asset Maintenance: Implementing regular maintenance schedules and addressing any equipment issues promptly to ensure optimal performance and extend asset lifecycles.

  3. Asset Utilization: Measuring and improving the efficiency of assets to generate revenue, which may involve analyzing asset turnover ratios and implementing strategies to optimize their use.

AssetPad is a proven tool for helping businesses manage their asset fleet across the whole lifecycle of the asset.